Nigeria's Oil Output Drops Amid OPEC Recovery

Nigeria's oil production saw a decline in August despite overall recovery efforts. According to data from the Organisation of the Petroleum Exporting Countries (OPEC), crude oil output averaged 1.5 million barrels per day, down by 5,000 barrels per day from July.

This marks the second consecutive monthly drop for Nigeria's oil production, with a combined decline of 55,000 barrels per day between June and August.

The modest decline in Nigeria's output ran counter to the overall recovery trend within OPEC. The group's total crude production rose by approximately 0.3 million barrels per day in August, driven largely by increases from OPEC members.